German political leaders have defended the European Central Bank’s decision to step up its bond-buying plan for eurozone stragglers, despite a ferocious reaction at home.

Angela Merkel showed how far she had moved from her former hardline position by praising the ECB for “playing its role with its particular responsibilities” after the announcement on Thursday, which continued to cheer markets yesterday.

Wolfgang Schäuble, the Finance Minister, added that attacks on the central bank and its Italian President Mario Draghi made for good headlines but were groundless. “It is not the beginning of monetary financing of sovereign debt,” Mr Schäuble said,